Answer: Management accounting refers to a profession involving administrators choice-making partnerships, the development of scheduling and process improvement structures and the provision of corporate governance and control competence to help management in formulating and implementing an organisation's strategy.
Management bookkeepers (also known as administrative accountants) look at these things happening in or around a company while taking into consideration the companies ' needs. This gives rise to information and forecasts. Cost reporting is the mechanism by which these calculations and data are converted into information that will eventually be used to direct decision making.